大酒店(00045) - 2025 - 中期业绩

Financial Highlights Financial Highlights The Group reported strong H1 2025 operating results, with revenue up 13% and EBITDA up 63%, narrowing loss attributable to shareholders to HKD 289 million 2025 Interim Results Summary | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue^ (HKD Million) | 3,281 | 2,908 | 13% | | Operating EBITDA^ (HKD Million) | 643 | 395 | 63% | | Loss Attributable to Shareholders (HKD Million) | (289) | (448) | 35% (Loss Narrowed) | | Basic Loss Attributable to Shareholders (HKD Million) | (216) | (257) | 16% (Loss Narrowed) | | Metric | As of June 30, 2025 | As of December 31, 2024 | Change | | Net Asset Value Per Share (HKD) | 21.30 | 21.24 | – | | Net External Debt to Total Assets Ratio | 25% | 23% | +2pp | - Excluding the non-recurring income from the sale of London Peninsula residential apartments in the same period of 2024, the Group's consolidated operating revenue achieved a robust 13% growth[2] - The London Peninsula residential apartment project is progressing well, with 17 out of 24 units sold as of June 30, 2025, and the remaining 6 units officially launched to the market[2] - Loss attributable to shareholders narrowed from HKD 448 million in the prior year to HKD 289 million, primarily due to a reduction in unrealized revaluation losses on investment properties (from HKD 139 million to HKD 61 million)[2][11] CEO Review Business Performance The Group's business segments, including Hotels, Commercial Properties, and Peak Tram, showed mixed performance, with strong international hotel and Peak Tram results offsetting weakness in Greater China Hotels Segment The Hotels segment's total revenue grew 14% year-on-year, driven by strong double-digit growth in New York, Tokyo, Paris, and London Peninsula hotels, while Greater China hotels saw revenue declines due to weak demand Hotel Revenue Performance (HKD Million) | Hotel | Revenue (HKD Million) | Year-on-Year Change (in HKD) | | :--- | :--- | :--- | | The Peninsula Hong Kong | 518 | – | | The Peninsula Shanghai* | 212 | -3% | | The Peninsula Beijing | 149 | -6% | | The Peninsula London | 373 | +12% | | The Peninsula Paris* | 426 | +23% | | The Peninsula Istanbul* | 206 | +36% | | The Peninsula New York | 348 | +54% | | The Peninsula Chicago | 286 | +6% | | The Peninsula Beverly Hills* | 341 | +9% | | The Peninsula Tokyo | 499 | +24% | | The Peninsula Bangkok | 121 | +18% | | The Peninsula Manila | 118 | +6% | - Following a major renovation completed in 2024, The Peninsula New York demonstrated strong performance in H1 2025, with revenue increasing by 54% year-on-year[33] - The Peninsula Tokyo showed strong growth momentum, benefiting from international group business and the cherry blossom season, with Revenue Per Available Room (RevPAR) significantly increasing by 28% year-on-year[41] - Due to weak demand in the Greater China region, The Peninsula Beijing's Revenue Per Available Room (RevPAR) decreased by 9% year-on-year[23] Commercial Properties Segment Commercial Properties recurring revenue grew 5%, with Hong Kong's Repulse Bay Complex and The Peak Tower outperforming, while St. John's Building revenue declined due to a weak office market, and Vietnam's The Landmark land use rights expire in January 2026 - Hong Kong's Repulse Bay Complex outperformed the previous year, with both residential revenue and occupancy rates improving[47] - Due to a weak and oversupplied Hong Kong office market, St. John's Building's H1 2025 revenue declined, with its occupancy rate falling to 78%[49] - The joint venture and land use rights for The Landmark property in Vietnam will expire and dissolve in January 2026, with no possibility of extension[49][50] Peak Tram, Retail and Other Businesses Segment This segment's revenue grew 15% year-on-year, primarily driven by the Peak Tram business, which saw a 17% revenue increase and record passenger volume, with other businesses showing mixed growth Segment Business Revenue Performance (HKD Million) | Business | Revenue (HKD Million) | Year-on-Year Change | | :--- | :--- | :--- | | Peak Tram | 171 | +17% | | Quail Lodge Golf Club | 74 | +27% | | Peninsula Merchandising | 64 | +7% | | Tai Pan Laundry | 30 | -7% | - The Peak Tram business performed robustly, achieving a record-high passenger volume during the May Golden Week holiday, driving an increase in ticket sales[51] Talent Development The Group focuses on talent development and succession, with a new recruitment website increasing job applications by 25%, and a global full-time workforce of 7,698 employees at period-end - The Group launched a new recruitment website, successfully increasing job applications by 25% and strengthening the company's talent pool[57] - As of June 30, 2025, the Group employed a total of 7,698 full-time staff[58] Valued Legacy (Sustainability) The Group advances its 'Valued Legacy 2030 Vision' sustainability strategy, achieving BREEAM certification for new hotels, expanding renewable energy use, and raising USD 4.8 million for Turkiye earthquake relief - Both The Peninsula London and The Peninsula Istanbul received 'Excellent' certification under the Building Research Establishment Environmental Assessment Method (BREEAM)[60] - To aid earthquake-affected areas in Turkiye, the Group's 'Hope for Turkiye' initiative, funded by allocations from global Peninsula hotel room revenues, successfully raised USD 4.8 million in donations[62] Outlook The Group maintains a cautiously optimistic H2 outlook, expecting strong European and American hotel performance, but anticipating continued geopolitical and trade impacts in Greater China and Hong Kong, while focusing on prudent expense management - Business at The Peninsula Paris, Tokyo, Beverly Hills, and the newly renovated New York is expected to remain strong[63] - Geopolitical concerns and trade tensions are anticipated to continue adversely impacting the Group's hotels in Greater China[64] - The ongoing trend of Hong Kong residents traveling north to Shenzhen for consumption may affect the Group's food and beverage revenue in Hong Kong[64] - The Group will continue to prudently manage business expenses to navigate the weak market conditions[65] Financial Review Financial Performance Summary In H1 2025, the Group's consolidated operating revenue rose 13% to HKD 3.3 billion, and operating EBITDA grew 63% to HKD 643 million, with loss attributable to shareholders narrowing to HKD 289 million and available funds reaching HKD 3.5 billion - Excluding the impact of residential sales, consolidated operating revenue increased by 13% year-on-year, primarily driven by significant revenue growth from The Peninsula New York, London, and Tokyo[71] - Basic loss attributable to shareholders narrowed from HKD 257 million in the prior year to HKD 216 million[72] - As of end-June 2025, the Group had unutilized credit facilities of HKD 2.7 billion and cash of HKD 832 million, totaling HKD 3.5 billion in available funds, indicating ample liquidity[73] Adjusted Net Asset Value Adjusting hotels and golf courses to fair value would increase shareholders' net assets by 14% to HKD 40.402 billion, with adjusted net asset value per share at HKD 24.24 Adjusted Shareholders' Net Assets (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Net Assets (Financial Statements) | 35,507 | 35,401 | | Adjustment of Hotels and Golf Courses to Fair Value | 4,895 | 4,632 | | Adjusted Shareholders' Net Assets | 40,402 | 40,033 | | Net Asset Value Per Share (HKD) | 21.30 | 21.24 | | Adjusted Net Asset Value Per Share (HKD) | 24.24 | 24.01 | Basic Loss Attributable to Shareholders To reflect core operating performance, the Group's basic loss attributable to shareholders, excluding non-recurring items, improved to HKD 216 million for H1 2025 from HKD 257 million in the prior year Reconciliation of Basic Loss Attributable to Shareholders (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss Attributable to Shareholders | (289) | (448) | | Add: Net Loss on Investment Property Valuation* | 73 | 153 | | Add: Non-recurring Expenses** | – | 38 | | Basic Loss Attributable to Shareholders | (216) | (257) | Income Statement Analysis Operating revenue grew 13% this period, driving a 63% increase in operating EBITDA, though total revenue declined 29% year-on-year; depreciation and amortization rose, and taxes increased, resulting in a 35% narrowed loss attributable to shareholders of HKD 289 million Key Income Statement Items (HKD Million) | Item | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,281 | 2,908 | 13% | | Operating EBITDA | 643 | 395 | 63% | | Residential Sales Revenue | – | 1,707 | Not Applicable | | Total EBITDA | 643 | 542 | 19% | | Depreciation and Amortization | (358) | (333) | (8%) | | Net Finance Costs | (362) | (366) | 1% | | Fair Value Loss on Investment Properties | (61) | (139) | 56% | | Loss Attributable to Shareholders | (289) | (448) | 35% | - Depreciation and amortization expenses increased, primarily due to the completion of renovation works at The Peninsula New York in 2024[80] - The increase in taxation was mainly due to improved profitability at The Peninsula Tokyo, Repulse Bay Complex, The Peak Tower, and The Peak Tram[80] Statement of Financial Position Analysis As of June 30, 2025, the Group's total assets were HKD 55.946 billion, shareholders' net assets HKD 35.507 billion, and net asset value per share HKD 21.30, largely stable, with fixed assets and interest-bearing loans increasing Statement of Financial Position Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Fixed Assets | 49,399 | 47,864 | 3% | | Total Assets | 55,946 | 54,176 | 3% | | Interest-Bearing Loans | (14,566) | (13,389) | (9%) | | Total Liabilities | (20,390) | (18,730) | (9%) | | Shareholders' Equity | 35,507 | 35,401 | – | - The total fair value of the Group's property assets is approximately HKD 62.7 billion, exceeding their carrying value of HKD 54.1 billion in the financial statements[103] Cash Flow Statement Analysis Net cash inflow from recurring operating activities reached HKD 366 million, a nine-fold increase from the prior year, driven by strong operating EBITDA; the Group continued project investments and successfully issued JPY 16 billion in private placement Samurai bonds - Net cash inflow from recurring operating activities, after deducting normal capital expenditure, was HKD 366 million, a significant increase from only HKD 38 million in the prior year (excluding residential sales)[108] - Total project-related cash outflow amounted to HKD 331 million, primarily for The Peninsula London development, capital injection into The Peninsula Istanbul, and The Peninsula New York renovation[108] - In June 2025, the Group successfully issued JPY 16 billion (approximately HKD 869 million) in private placement Samurai bonds, expanding its financing channels[109] Treasury Management The Group maintains a robust financial position with HKD 2.7 billion in unutilized credit facilities and a 25% net debt to total assets ratio, while successfully issuing its first JPY 16 billion private placement Samurai bond and refinancing a GBP 425 million green syndicated loan, with 62% of committed credit facilities now green or sustainability-linked - The Group successfully issued its first JPY 16 billion private placement Samurai bond and completed refinancing for a GBP 425 million green syndicated loan, effectively expanding financing channels and extending debt maturity[111] - As of June 30, 2025, the Group's net external debt to total assets ratio remained at a healthy 25%[110] - The Group is committed to sustainable finance, with 62% of its total committed credit facilities classified as green loans or sustainability-linked loans as of period-end[112] Dividends The company's dividend policy aims for stable and sustainable dividends; however, due to the basic loss recorded for the period, the Board decided not to declare an interim dividend for H1 2025 - Given the basic loss recorded, the company did not declare or pay an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[116] Consolidated Financial Statements Consolidated Income Statement and Consolidated Statement of Comprehensive Income For H1 2025, the Group recorded revenue of HKD 3.281 billion and a loss attributable to shareholders of HKD 289 million, with other comprehensive income of HKD 395 million, primarily from exchange gains, resulting in a positive total comprehensive income of HKD 106 million Income Statement and Comprehensive Income Statement Summary (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 3,281 | 4,615 | | Loss for the Period | (289) | (448) | | Other Comprehensive Income for the Period | 395 | 82 | | Total Comprehensive Income for the Period | 106 | (366) | Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were HKD 55.946 billion, total liabilities HKD 20.390 billion, and net assets HKD 35.556 billion, maintaining a robust financial position Statement of Financial Position Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 55,946 | 54,176 | | Total Liabilities | 20,390 | 18,730 | | Net Assets | 35,556 | 35,446 | | Total Equity Attributable to Shareholders | 35,507 | 35,401 | Condensed Consolidated Cash Flow Statement For H1 2025, net cash inflow from operating activities was HKD 610 million, with net cash outflows from investing activities of HKD 571 million and financing activities of HKD 220 million, resulting in HKD 560 million cash and cash equivalents at period-end Cash Flow Statement Summary (HKD Million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 610 | 1,853 | | Net Cash Outflow from Investing Activities | (571) | (731) | | Net Cash Outflow from Financing Activities | (220) | (1,259) | | Net Decrease in Cash and Cash Equivalents | (181) | (137) | | Cash and Cash Equivalents at Period-End | 560 | 560 | Notes to the Financial Statements Note 3: Segment Reporting The Group's business is managed across three segments: Hotels, Commercial Properties, and Peak Tram & Other Businesses, with Hotels as the largest revenue contributor at HKD 2.483 billion, Commercial Properties revenue decreasing, and Peak Tram & Other Businesses growing steadily Segment Revenue and Operating Profit (HKD Million) | Segment | Revenue (2025 H1) | Revenue (2024 H1) | Operating Profit (2025 H1) | Operating Profit (2024 H1) | | :--- | :--- | :--- | :--- | :--- | | Hotels | 2,483 | 2,174 | 115 | (98) | | Commercial Properties | 455 | 2,142 | 224 | 360 | | Peak Tram, Retail and Other Businesses | 343 | 299 | (54) | (53) | | Consolidated | 3,281 | 4,615 | 285 | 209 | Note 9: Property, Plant and Equipment During the period, the Group incurred HKD 202 million for London Peninsula development and HKD 102 million for Hong Kong Peninsula fixed assets; investment properties were revalued, resulting in a net loss of HKD 61 million due to Hong Kong property market decline - A net loss of HKD 61 million was recorded due to the revaluation of investment properties, which has been recognized in the consolidated income statement[139] Note 17: Interest-Bearing Loans As of June 30, 2025, the Group's total interest-bearing loans increased to HKD 14.566 billion, with HKD 9.15 billion repayable within one year, and the Group issued HKD 869 million (JPY 16 billion) in private placement Samurai bonds Interest-Bearing Loans Summary (HKD Million) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Available Credit Facilities | 17,370 | 16,308 | | Amount Utilized | 14,591 | 13,420 | | Total Interest-Bearing Loans (Recognized) | 14,566 | 13,389 | Note 20: Commitments As of June 30, 2025, the Group's total capital commitments significantly decreased to HKD 480 million, with HKD 95 million in contracted but unprovided commitments primarily for existing properties and major renovations Capital Commitments (HKD Million) | Item | Contracted | Authorized but Not Contracted | Total | | :--- | :--- | :--- | :--- | | Capital Commitments | 89 | 340 | 429 | | Share of Commitments in Joint Ventures and Associates | 6 | 45 | 51 | | Total | 95 | 385 | 480 | Corporate Governance and Other Information Corporate Governance and Risk Management The Board confirmed the Group's compliance with the HKEX Corporate Governance Code in H1 2025, and its risk management and internal control systems were deemed effective and adequate, with no material issues found - The Company has complied with all code provisions and recommended best practices of the Corporate Governance Code for the six months ended June 30, 2025, with minor disclosed exceptions[160] - The Board reviewed and confirmed that the Group's risk management and internal control systems remained effective and adequate in H1 2025[161] Other Information During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed listed securities; all directors confirmed compliance with the securities dealing code, and no interim dividend was declared due to basic loss - Neither the company nor any of its subsidiaries purchased, sold, or redeemed the company's listed securities during the period[163] - Given the basic loss recorded by the company, the Board resolved not to declare an interim dividend for the six months ended June 30, 2025[165]